South Eastern Utilities poised to announce new investments

The company has reported a full year tax paid profit of $2.5 million dollars, with revenue coming mostly from cash deposits. The final dividend has been set at 3 cents, fully imputed.

SEU says it has been actively pursuing a number of promising investment opportunities since selling Wairarapa Electricity, and MD, George Gould, says it's currently in the late stages of investigating three investments in particular.

"Based on the present rate of progress, and information presently at hand, we expect the company will be in a position to make an announcement to the NZSE and our shareholders in approximately one month".

"However, until such time as negotiations are completed we are restricted in what we
are able to advise the market and the shareholders".

During the year SEU realised $7.4 million following the sale of its 5.4% shareholding in Horizon Energy Distribution.

In May the company purchased 20% of Christchurch based software development company, ViaNet, with an option to purchase another 20%.

"If ViaNet achieves its potential, and we believe there is every reason that it should, SEU will have the opportunity to exercise its option to move to 40% and continue to play an influential role in the development of this exciting software development house", says Mr Gould.

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